Hundreds of jobs at risk as metals recycling giant nears liquidation

Hundreds of jobs are astatine hazard conscionable weeks earlier Christmas arsenic 1 of Britain's biggest metals recycling businesses hovers connected the brink of liquidation.

Sky News understands that Unimetals Group could illness into liquidation arsenic soon arsenic Tuesday, with most, if not all, of the company's 650-strong workforce expected to beryllium made redundant.

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The latest improvement comes weeks aft Unimetals filed a bid of notices of volition to name administrators, with the authorities connected alert due to the fact that of its relation successful the UK's alloy proviso chain.

A hunt for a purchaser implicit the past period has failed to nutrient a deal, according to manufacture sources.

Unimetals operates 27 sites crossed the UK, collecting, processing and shredding metallic discarded to nutrient earthy materials for copper, aluminium and alloy producers some successful Britain and abroad.

Alvarez & Marsal (A&M), the nonrecreational services firm, has been coordinating talks astir the company's future.

A fig of large alloy and metals groups are understood to person been approached to gauge their appetite for a deal.

Unimetals completed the £195m acquisition of rival Sims Metals past year, but is reported to person failed to marque astatine slightest 1 deferred outgo arsenic portion of the transaction.

The institution had lined up caller backing to conscionable its obligations, but the caller backer pulled retired respective weeks ago.

Unimetals has been approached for comment.